Deposits in crypto while balance in USD - page 2.

EarnOnVictor

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Quote from: seoincorporation on November 22, 2024, 09:17:12 AM

-snip-
So, if the casinos save the wager in crypto-amounts and not in USD the users would automatically level up their VIP without wagering, they only need to wait while the coin price goes up to the moon.

And that's why the balance in USD or Local Coins makes sense.

You are right in your view and it shows you are casino-incline, but I see nothing wrong with crypto helping its adopters further. I am also sure that casinos would have noticed that as well and it is left for them to decide on what they would act upon. But first, the Ts&Cs at which the customer agreed upon is binding until it changes otherwise, so it is their luck with the way things have turned now even if it will change later. Bitcoin continues to bless people, so pushing them quickly to the VIP level with its unwavering appreciation in price should be a form of Thank You to those who associate themselves with it.

Sanitough

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Quote from: eisen33 on November 23, 2024, 06:12:45 AM

Maybe you are right, I have never thought about it from this point of view before. I think that most players play in USD because it is more convenient for calculating profits, since it can be simply unusual to do this in satoshi. I understand that you can also get used to this, and keeping a deposit in bitcoins can give you the benefits you are talking about, but first you need to try it. There are players like me who have not even thought about becoming a VIP. )

The biggest advantage of using Bitcoin for gambling is the privacy it offers, especially with casinos that don’t require KYC. Even if they do, your wallet details are the only thing exposed, unlike fiat casinos where your full banking info is out there. While many casinos accept various cryptocurrencies, they still often stick to USD as the standard measure. And here’s a nice bonus, most casinos have VIP levels. As you keep gambling, you’ll climb the ranks or level, and it’s a subtle way of tracking just how much you’ve wagered over time. At least it feels a bit rewarding, right?

GxSTxV

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Quote from: seoincorporation on November 22, 2024, 09:17:12 AM

I was thinking about this practice in casinos, and now after this crazy bump in the markets, it makes sense.

Casinos needs the wager in USD and not in cryptos, and that's because the wager affects the VIP level, so, if we wager 10 bitcoins while the btc price is in $20k that would mean $200k wager, but if the price goes up to $100k/btc then the wager for those 20 btc would be $2M.

So, if the casinos save the wager in crypto-amounts and not in USD the users would automatically level up their VIP without wagering, they only need to wait while the coin price goes up to the moon.

And that's why the balance in USD or Local Coins makes sense.

It is so normal and it does make sense why casinos would calculate wagers in USD or local currencies rather than in the crypto amounts deposited. From a business perspective it keeps the VIP system fair and prevents users from leveling up due to market fluctuations rather than actual wagering activity, sometimes it can be a mess with the volatility of market as these days.

As someone who started gambling young and has since learned the hard way this practice also avoids giving players a false sense of progress. Imagine a user betting a small amount of crypto when prices are low only to see their VIP level acheived even when he quits because the market pumped. That could push someone who especially an inexperienced gambler like my younger self, to gamble even more, thinking they unlocked rewards they didn’t truly earn.

The balance in USD or fiat equals keeps things consistent and avoids issues caused by crypto market volatility. It’s bothering for users when their balances drop in value due to market crashes but tying wagers to stable values ensures a fairer system for both players and the casino.

eisen33

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Maybe you are right, I have never thought about it from this point of view before. I think that most players play in USD because it is more convenient for calculating profits, since it can be simply unusual to do this in satoshi. I understand that you can also get used to this, and keeping a deposit in bitcoins can give you the benefits you are talking about, but first you need to try it. There are players like me who have not even thought about becoming a VIP. )

ethereumhunter

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And when you keeps your Bitcoin in your gambling account for such as 0.001 BTC and waits until Bitcoin price increase to $100,000, that means you will have more values in USD. That can makes you have more money in USD values to playing gambling and maybe that will makes you gambling longer than usual because you will see your money value increase.

However, casino know how they can make a profit in the fluctuating the market price. When the price increase and gambler have more Bitcoin, they can playing gambling for more and if they lose, that will be the profit for the casino.

bitLeap

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Quote from: seoincorporation on November 22, 2024, 09:17:12 AM

I was thinking about this practice in casinos, and now after this crazy bump in the markets, it makes sense.

Casinos needs the wager in USD and not in cryptos, and that's because the wager affects the VIP level, so, if we wager 10 bitcoins while the btc price is in $20k that would mean $200k wager, but if the price goes up to $100k/btc then the wager for those 20 btc would be $2M.

So, if the casinos save the wager in crypto-amounts and not in USD the users would automatically level up their VIP without wagering, they only need to wait while the coin price goes up to the moon.

And that's why the balance in USD or Local Coins makes sense.

I totally agree this simple calculation never occurred to me while playing in the casino. And after thinking about it it does make sense for casinos to use USD as a benchmark in the percentage increase in bets. Every casino does the same thing because with the instability of crypto prices it will be overwhelming for them to set a betting system every time you play along with the price increase at the same time.

Jawhead999

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For the casino side, they definitely choose the option that will give them benefit, but I see there's an another reason why they show the balance in USD instead of in cryptocurrency.

It's due to gambling providers, haven't you realized in slots you're asked to stake $0.2 at minimum and $1 in sports. They not ask in cryptocurrency, that's why the casinos are forced to serve everything in USD.

This is an exception for casino without gambling providers, they can show in crypto or USD.

Dr.Bitcoin_Strange

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Some months ago, a member actually asked this question, I just can not find the thread or remember the OP correctly but I know the person wanted to know why casino claim to enable the use of crypto for gambling but they don't allow players balance to replace in that crypto but rather in Fiat. This topic actually answers the question. I think what casinos only do is to allow deposits with any valid crypto that is allowed.

Ziskinberg

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Quote from: SmartGold01 on November 23, 2024, 03:35:16 AM

The casino does not see it that way, look to me how I understand the way they do their calculation is, they are using the current data as in price to factor out their VIP level up. It's just like saying you bought a lamborghini for $500m and after 10 years you still expect the newer version of it to worth same amount. No this will not happen that way, if you spent your bitcoin at 20k you don't go back to have them at same 20k rather the price has inflated, therefore casino would never do that because they will run into a series of lost if that is implement because there were people who lost 100 BTC to some gambling site if that is awaken automatically they leveled up to VIP causing a huge damage to the site. I hope you understand what I meant positively.

So, are you disagreeing with what OP shared? Roll Eyes

We can simplify the explanation, all casinos typically use a USD value to rank their VIP clients. For instance, let me share an example from one of the most popular casinos, which I’m sure many of us here are familiar with and actively use.

https://help.stake.com/en/articles/9968893-what-are-the-stake-vip-levels-benefits

Quote

VIP Levels & Benefits (1 point = $1)
These are the points you need to level up as a VIP player:
Bronze: 10,000 points
Silver: 50,000 points
Gold: 100,000 points
Platinum I: 250,000 points
Platinum II: 500,000 points
Platinum III: 1,000,000 points
Platinum IV: 2,500,000 points
Platinum V: 5,000,000 points
Platinum VI: 10,000,000 points
Diamond I: 25,000,000 points
Diamond II: 50,000,000 points
Diamond III: 100,000,000 points
Diamond IV: 250,000,000 points
Diamond V: 500,000,000 points
Obsidian: 1,000,000,000 points

Lida93

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This doesn't bother me as it's a factor that I have understood beforehand and that's why I only have to leave an amount of money I intend to use for my gambling at the moment. I simply resist the idea of leaving goods sum of money in any of my gambling account because obviously they are a centralised entity and I can't trust them more than I already have.

If anyone wants to make extra cash aside using his money to gamble to earn a win, then the best shot is to have it invested in an asset which a gambling platform isn't typically one and that's why they won't allow oir crypto deposits to remain as crypto but in USD.

Hatchy

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In most casino I've played on, I think the total balance remains in USD in respect to the value of the crypto that was deposited.. I've not actually noticed though, but I think what op said totally true. The casino would not want to loss due to the volatility of crypto market, paying more to their users according to the current market price. The only thing I know very much is that you can only withdraw through the same medium of deposit. That if you deposit in crypto, you will withdraw in that's same cryptocurrency..

alani123

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This works both ways because many casinos that have this feature have been long enough to have gone through one or more bear markets. If the price of BTC drops significantly I'd rather not really remember.

Maybe it would be nice if more casinos had a function to swap your coins to stablecoins, but I'm sure they'd rather avoid it because it would attract unwanted attention from legislators looking to down them for money laundering other hand just unlicensed gambling this time which is the usual.

Honestly it's quite interesting that casinos will go though all these hoops to let you gamble in crypto, without KYC, being registered to shody jurisdictions or none at all, and will stop at letting you convert your money within their service. These issues could have been avoided so easily.

SmartGold01

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The casino does not see it that way, look to me how I understand the way they do their calculation is, they are using the current data as in price to factor out their VIP level up. It's just like saying you bought a lamborghini for $500m and after 10 years you still expect the newer version of it to worth same amount. No this will not happen that way, if you spent your bitcoin at 20k you don't go back to have them at same 20k rather the price has inflated, therefore casino would never do that because they will run into a series of lost if that is implement because there were people who lost 100 BTC to some gambling site if that is awaken automatically they leveled up to VIP causing a huge damage to the site. I hope you understand what I meant positively.

Sanitough

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Quote from: Forsyth Jones on November 22, 2024, 06:27:43 PM

The user who wants to profit from the appreciation of their assets must withdraw the required amount from the casino and keep only what they will bet in the casino, knowing that the balance there will be in conventional fiat currency.

Some casinos provide an estimated value of your crypto balance, but when you withdraw, you’ll still get the exact crypto amount you deposited + winning (assuming you’ve won your bets). However, this doesn’t guarantee you’ll benefit from price appreciation upon withdrawal, that still entirely depends on the market conditions at the time.

This isn’t really about price appreciation, though. It’s about meeting the VIP criteria, which is usually based on USD value. That’s the benchmark you need to hit if you want to reach a certain VIP level.

Wexnident

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Quote from: seoincorporation on November 22, 2024, 09:17:12 AM

~

It's also just in general a LOT easier for people to see how much they have. Yes, we say that 1BTC is 1BTC but fact of the matter is USD (or any local currency really) is still what most people find familiar with. It's stable as well so there's actual worth in trying to use it as a basis, unlike Bitcoin which is a lot more volatile. Pretty much the same reason as well why we don't use gold as a metric of measure lol.

And lets be fair, not all people who play crypto currencies know a lot about crypto. They just use it because that's what the casino wants them to use.

Poker Player

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Quote from: Porfirii on November 22, 2024, 01:42:02 PM

Quote from: yahoo62278 on November 22, 2024, 01:15:16 PM

If you deposit $100 in bitcoin on a site such as gamdom, you can sit there and watch your balance change as the price of bitcoin rises or falls. I am not sure if all sites do that, but I like how this particular site does it.

As long as they are not screwing the players over, either way is ok.

Users should be able to choose.

As far as I remember there are the two separate options in different casinos, but no choice. In the past I remember depositing bitcoin in some casino and betting in bitcoin (if I remember correctly in bitvest.io it was like that). And more recently for example at MetaWin, you deposit in bitcoin and when you go to play slots for example they do the instant conversion so you are betting the dollars of the spin ($0.20, $1, etc).

Darker45

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Yeah, that makes sense. That has to be the rule because of crypto's volatility. The USD equivalent of your bet in crypto at the time when the bet was placed has to be the basis. Otherwise, it would be disorderly or unnecessarily complicated. Or if the wagering requirement for VIPs will be denominated in crypto, it will have to be adjusted every once in a while because of how restless cryptocurrencies' prices are.

This is the same concern if the prices of goods and services are denominated in Bitcoin.

BitMaxz

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Happy New year 🤗

Quote from: seoincorporation on November 22, 2024, 09:17:12 AM

Casinos needs the wager in USD and not in cryptos, and that's because the wager affects the VIP level, so, if we wager 10 bitcoins while the btc price is in $20k that would mean $200k wager, but if the price goes up to $100k/btc then the wager for those 20 btc would be $2M. .

That's actually a pretty bad practice and I'm sure players can't able to wager that amount if its usd or in crypto due to price pump.

I believe the only solution is to change it to how many times the deposit amount, like on playbet, so it does not matter if it is in USD or Crypto because we can't control the market there's always a drop and pump in crypto except to casinos that only accepts stable coins.

Forsyth Jones

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Another factor linked to the fact that casinos keep the balance that the user deposits using crypto in fiat USD/EUR is related to UX, so as not to confuse a potential user who doesn't understand the market fluctuations that crypto undergo, and also, as many have said here, to mitigate risks and keep their operations running profitably.

The user who wants to profit from the appreciation of their assets must withdraw the required amount from the casino and keep only what they will bet in the casino, knowing that the balance there will be in conventional fiat currency.

Weawant

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Quote from: seoincorporation on November 22, 2024, 09:17:12 AM

I was thinking about this practice in casinos, and now after this crazy bump in the markets, it makes sense.

Casinos needs the wager in USD and not in cryptos, and that's because the wager affects the VIP level, so, if we wager 10 bitcoins while the btc price is in $20k that would mean $200k wager, but if the price goes up to $100k/btc then the wager for those 20 btc would be $2M.

So, if the casinos save the wager in crypto-amounts and not in USD the users would automatically level up their VIP without wagering, they only need to wait while the coin price goes up to the moon.

And that's why the balance in USD or Local Coins makes sense.

Away from that,USD has gotten to the point it now feels like the standard measures for value and at some point it became a global financial adoption and standard so for Bitcoin to understand it's value enough to you can only get a measure of such in dollars. so if this coins are used in their quantity, the other

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